Versace to revitalise retail offering with new store concept

Italian fashion house Versace is introducing a new store concept and expanding its retail network, while also setting out to revitalise existing boutiques around the world.

In a statement, Versace said that it would be opening a series of new flagship stores in “key global cities,” alongside a worldwide rollout of a new boutique concept designed to give visitors a clear sense of the Versace universe.

This new store blueprint was introduced in September at Versace’s revamped Paris flagship and the new Shanghai and Tokyo boutiques. Versace adds that it intends to implement the new concept across its full store network of 212 boutiques worldwide, with the new Los Angeles and New York locations next on the list.

Conceived in marble and ceramic, with gold accents, the store concept has been designed to stay true to the materials of the House’s Italian heritage and highlight its unique luxury codes. The retail space aims to complement and amplify the entire Versace product line while giving customers the sense of “a full, all-encompassing experience”.

Versace chief executive, Emmanuel Gintzburger, said: “The recent openings in key luxury cities - Shanghai, Paris, Tokyo, or soon LA and NYC - will strengthen the luxury positioning of the House, and I am excited to continue this strategy moving into 2023 and beyond.”

Versace introduces new store concept and partners with Board to transform its retail planning

In addition, Versace has partnered with Board International to transform its retail planning as it looks to optimise allocation, replenishment, and item planning processes, to stay ahead of the evolving challenges of global sourcing and the change in consumer purchasing habits.

Board, a global provider of intelligent planning solutions will help Versace “plan smarter,” by revamping its global item planning process and calculate its target stock levels against initial allocations. The result will be "a more sophisticated replenishment process," explains Board, which will offer more accurate forecasting by taking into account the rate of returns and transfers between stores, with the ultimate goal of improving and optimising stock positions across the entire distribution chain.

Francesco Loporcaro, IT manager at Versace, said: "Board’s Intelligent Planning platform, provides the flexible and easy-to-use solutions necessary to support the innovation and growth of our brand.

“Our selection of Board was influenced by sector expertise and qualified by the main consulting companies, demonstrating the reliability of Board’s technology. All of this together proved Board’s ability to support the ambitious evolution of our planning process."

Marco Limena, chief executive of Board International, added: “We are thrilled that a brand as important to the luxury retail landscape as Versace has selected Board. Omnichannel strategy combined with changing customer needs and supply chain challenges requires a continuous evolution and innovation of planning processes in response to evolving challenges in the retail market.”